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Nexstar Broadcasting Second Quarter Net Revenue Rises 16.4% To A Record $146.9 Million

Nexstar Broadcasting Group, Inc. (NASDAQ: NXST) (“Nexstar”) today reported record financial results for the second quarter and six months ended June 30, 2014 as summarized below:

                     

Summary 2014 Second Quarter Highlights

 

($ in thousands)

Three Months Ended June 30,

Six Months Ended June 30,

2014     2013       Change       2014     2013       Change
Local Revenues $ 70,461     $ 66,731 +5.59 % $ 136,103     $ 126,665 +7.45 %
National Revenues $ 26,075     $ 28,575   (8.75 )% $ 53,264     $ 51,950   +2.53 %
Local and National Core Revenue $ 96,536 $ 95,306 +1.29 % $ 189,367 $ 178,615 +6.02 %
 
Political Revenues $ 6,746 $ 1,823 270.05 % $ 10,749 $ 2,585 +315.82 %
Retransmission Fee Revenue $ 34,960 $ 24,922 +40.28 % $ 70,089 $ 48,718 +43.87 %
Digital Media Revenue $ 13,248 $ 7,665 +72.84 % $ 19,525 $ 14,165 +37.84 %
Other $ 1,131 $ 1,099 +2.91 % $ 2,112 $ 2,224 (5.04 )%
Trade and Barter Revenue $ 7,701     $ 7,874   (2.20 )% $ 14,829     $ 15,292   (3.03 )%
Gross Revenue $ 160,322 $ 138,689 +15.60 % $ 306,671 $ 261,599 +17.23 %
Less: Agency Commissions $ 13,392   $ 12,478   +7.32 % $ 25,908     $ 23,183   +11.75 %
Net Revenue $ 146,930 $ 126,211 +16.42 % $ 280,763 $ 238,416 +17.76 %
 

Gross Revenue Excluding Political Revenue

$ 153,576 $ 136,866

+12.21

$ 295,922

$

259,014

+14.25

%

 
Income from Operations $ 34,942 $ 28,192 +23.94 % $ 62,642 $ 46,010 +36.15 %
 
Broadcast Cash Flow (1) $ 58,701 $ 49,825 +17.81 % $ 109,313 $ 89,622 +21.97 %
Broadcast Cash Flow Margin (2) 39.95% 39.48% 38.93% 37.59%
 
Adjusted EBITDA (1) $ 49,600 $ 42,946 +15.49 % $ 91,708 $ 76,010 +20.65 %
Adjusted EBITDA Margin (2) 33.76% 34.03% 32.66% 31.88%
 
Free Cash Flow (1) $ 30,379 $ 20,464 +48.45 % $ 55,634 $ 33,133 +67.91 %

(1) Definitions and disclosures regarding non-GAAP financial information are included on page 4, while reconciliations are included on page 7.

(2) Broadcast cash flow margin is broadcast cash flow as a percentage of net revenue. Adjusted EBITDA margin is Adjusted EBITDA as a percentage of net revenue.

 

CEO CommentPerry A. Sook, Chairman, President and Chief Executive Officer of Nexstar Broadcasting Group, Inc. commented, “Nexstar’s long-term strategy to complete and integrate accretive acquisitions while building complementary revenue streams that leverage our local content and relationships drove record second quarter net revenue, BCF, adjusted EBITDA and free cash flow. Our year-to-date financial results are in-line with our expectations and we remain confident that Nexstar will generate record free cash flow in 2014 based on core advertising trends and rising political spending in the second half of the year, contractual retransmission revenue growth and our expanded digital media operations. In addition, later this year we expect to close pending transactions which will result in the addition of 27 stations and benefit operating results in late 2014 and beyond.

“Our 16.4% rise in second quarter net revenue generated 17.8% growth in BCF, a 15.5% increase in adjusted EBITDA, and a 48.5% rise in free cash flow. During the second quarter, television ad revenue inclusive of political advertising rose 6.3% with core local and national spot revenue increasing 1.3%, including a 4.0% rise in same station automotive advertising and year-over-year increases in six of our top ten categories. Reflecting our expanded platform and presence in states with high levels of political spending activity, 2014 second quarter political revenue rose by 270% compared to the same period last year and by 12.8% over comparable 2012 second quarter levels.

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